Transfer Pricing Rules in Australia Legislation is accompanied by a series of ATO rulings that set out the framework of Australia’s transfer pricing regime. Essentially prices charged between related parties must be broadly in line with those that would be charged between arm’s length parties. Critically, documentation to support the pricing mechanism should be put […]

Domicile and residency requirements Residents A person will be treated as an Australian resident for Tax purposes if: He/she is resident on ordinary concepts; or He/she is domiciled in Australia; or He/she is physically present in Australia for more than 183 days in a year of income; or He/she is a member of a Commonwealth […]

VAT/GST in Australia : main rate, reduced rates and exemptions In Australia, a Goods and Services Tax (GST also know as VAT) is imposed on all taxable goods and supplies at the rate of 10% ( 10 percent). It is calculated on the value of the taxable good or supply which is ten-elevenths of the […]

Withholding Taxes for resident companies Dividends received from Australian resident companies Since the 1st of July 2003 the assessable income of a company is to be grossed up to reflect the amount of the franking credit that had been allocated to the franked dividend. Companies will be entitled to receive a franking rebate for an […]

Company resident of Australia companies are liable to income tax in respect of all sources of income wherever arising. A company is deemed to be a resident of Australia when: It is incorporated in Australia; It trades in Australia and has its voting power controlled by Australian resident shareholders; or It trades in Australia and […]

Australia is an independent, self-governing country occupying an enormous land mass in the southern ocean with a relatively small population of 22 million people. It comprises six States (New South Wales, Victoria, Queensland, South Australia, Western Australia and Tasmania) and two Territories (the Northern Territory and the Australian Capital Territory) as well as a number […]

The British Virgin Islands (BVI), is a British overseas territory located in the Caribbean to the east of Puerto Rico. Tax rates in the British Virgin Islands (BVI) Corporate tax: 0%. Companies are exempt from tax in the BVI on all sources of income, including capital gains, dividends, royalties & interest. VAT/GST: 0%. There is no VAT/GST […]

Singapore Individual Residency Taxpayer’s residency for tax purposes is to be determined. To be considered a resident of Singapore for tax purposes, an individual must be residing in Singapore and must be present in Singapore for at least 183 days during the preceding year. Regardless of whether an individual is a resident, individuals are taxed […]

Excise & Customs duties In Singapore customs duty is payable only on certain alcoholic beverages (e.g. beer) at a specific rate per litre of alcohol. Excise duty is applicable on liquors, tobacco, motor vehicles, and petroleum products. It is taxed at a specified rates per quantity or ad valorembased on a percentage of the value. […]

Companies resident of Singapore Payments made to a Singapore resident for tax purposes are not subject to withholding tax in Singapore. To be considered a resident of Singapore for tax purposes a company must have its place of control and management based in Singapore. Companies not resident of Singapore Withholding tax can be perceived on […]